The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACADIA RLTY TR COM SH BEN INT 004239109 7,160 254,907 SH   DFND 01 02 03 0 254,907 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 427,515 5,506,369 SH   DFND 01 02 03 0 5,506,369 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 40,821 1,067,500 SH   DFND 01 02 03 0 1,067,500 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 6,054 322,904 SH   DFND 01 02 03 0 322,904 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 61,597 4,916,000 SH   DFND 01 02 03 0 4,916,000 0
APARTMENT INVT & MGMT CO CL A 03748R101 50,212 1,556,000 SH   DFND 01 02 03 0 1,556,000 0
AVALONBAY CMNTYS INC COM 053484101 670,881 4,718,197 SH   DFND 01 02 03 0 4,718,197 0
AVIV REIT INC MD COM 05381L101 12,214 433,570 SH   DFND 01 02 03 0 433,570 0
BIOMED REALTY TRUST INC COM 09063H107 25,170 1,153,000 SH   DFND 01 02 03 0 1,153,000 0
BOSTON PROPERTIES INC COM 101121101 511,486 4,328,031 SH   DFND 01 02 03 0 4,328,031 0
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 6,630 425,000 SH   DFND 01 02 03 0 425,000 0
BRIXMOR PPTY GROUP INC COM 11120U105 182,532 7,953,435 SH   DFND 01 02 03 0 7,953,435 0
CAMDEN PPTY TR SH BEN INT 133131102 18,791 264,100 SH   DFND 01 02 03 0 264,100 0
CBL & ASSOC PPTYS INC COM 124830100 8,233 433,338 SH   DFND 01 02 03 0 433,338 0
CEDAR REALTY TRUST INC COM NEW 150602209 1,322 211,465 SH   DFND 01 02 03 0 211,465 0
COMMONWEALTH REIT COM SH BEN INT 203233101 12,713 483,000 SH   DFND 01 02 03 0 483,000 0
COOPER STD HLDGS INC COM 21676P103 422 6,380 SH   DFND 01 02 03 0 6,380 0
CORESITE RLTY CORP COM 21870Q105 5,265 159,206 SH   DFND 01 02 03 0 159,206 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 225,070 8,093,142 SH   DFND 01 02 03 0 8,093,142 0
COUSINS PPTYS INC COM 222795106 31,823 2,556,047 SH   DFND 01 02 03 0 2,556,047 0
CUBESMART COM 229663109 916 50,000 SH   DFND 01 02 03 0 50,000 0
CYRUSONE INC COM 23283R100 10,832 435,000 SH   DFND 01 02 03 0 435,000 0
DCT INDUSTRIAL TRUST INC COM 233153105 55,346 6,741,350 SH   DFND 01 02 03 0 6,741,350 0
DDR CORP COM 23317H102 59,871 3,396,000 SH   DFND 01 02 03 0 3,396,000 0
DIAMONDROCK HOSPITALITY CO COM 252784301 1,526 119,009 SH   DFND 01 02 03 0 119,009 0
DIGITAL RLTY TR INC COM 253868103 249,955 4,285,926 SH   DFND 01 02 03 0 4,285,926 0
DOUGLAS EMMETT INC COM 25960P109 200,678 7,111,178 SH   DFND 01 02 03 0 7,111,178 0
DUKE REALTY CORP COM NEW 264411505 10,696 589,000 SH   DFND 01 02 03 0 589,000 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,261 40,000 SH   DFND 01 02 03 0 40,000 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108 32,237 730,000 SH   DFND 01 02 03 0 730,000 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 754,512 11,976,377 SH   DFND 01 02 03 0 11,976,377 0
ESSEX PPTY TR INC COM 297178105 98,270 531,448 SH   DFND 01 02 03 0 531,448 0
EXTRA SPACE STORAGE INC COM 30225T102 56,711 1,065,000 SH   DFND 01 02 03 0 1,065,000 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 25,514 211,000 SH   DFND 01 02 03 0 211,000 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 36,883 1,957,700 SH   DFND 01 02 03 0 1,957,700 0
FOREST CITY ENTERPRISES INC CL A 345550107 48,424 2,437,050 SH   DFND 01 02 03 0 2,437,050 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 70,892 3,009,000 SH   DFND 01 02 03 0 3,009,000 0
GLIMCHER RLTY TR SH BEN INT 379302102 23,820 2,199,400 SH   DFND 01 02 03 0 2,199,400 0
GRAMERCY PPTY TR INC COM 38489R100 12,100 2,000,000 SH   DFND 01 02 03 0 2,000,000 0
HCP INC COM 40414L109 133,430 3,224,500 SH   DFND 01 02 03 0 3,224,500 0
HEALTH CARE REIT INC COM 42217K106 85,464 1,363,717 SH   DFND 01 02 03 0 1,363,717 0
HEALTHCARE TR AMER INC CL A 42225P105 6,080 505,000 SH   DFND 01 02 03 0 505,000 0
HERSHA HOSPITALITY TR SH BEN INT A 427825104 20,888 3,112,900 SH   DFND 01 02 03 0 3,112,900 0
HIGHWOODS PPTYS INC COM 431284108 10,089 240,489 SH   DFND 01 02 03 0 240,489 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 18,640 800,000 SH   DFND 01 02 03 0 800,000 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 9,040 297,353 SH   DFND 01 02 03 0 297,353 0
HOST HOTELS & RESORTS INC COM 44107P104 728,182 33,084,142 SH   DFND 01 02 03 0 33,084,142 0
HUDSON PAC PPTYS INC COM 444097109 6,335 250,000 SH   DFND 01 02 03 0 250,000 0
KILROY RLTY CORP COM 49427F108 56,895 913,542 SH   DFND 01 02 03 0 913,542 0
KIMCO RLTY CORP COM 49446R109 334,717 14,565,600 SH   DFND 01 02 03 0 14,565,600 0
KITE RLTY GROUP TR COM 49803T102 11,171 1,819,300 SH   DFND 01 02 03 0 1,819,300 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 30,124 853,600 SH   DFND 01 02 03 0 853,600 0
LEXINGTON REALTY TRUST COM 529043101 14,782 1,342,583 SH   DFND 01 02 03 0 1,342,583 0
LEXINGTON REALTY TRUST PFD CONV SER C 529043309 490 10,000 SH   DFND 01 02 03 0 10,000 0
LIBERTY PPTY TR SH BEN INT 531172104 35,628 939,300 SH   DFND 01 02 03 0 939,300 0
MACERICH CO COM 554382101 87,843 1,316,000 SH   DFND 01 02 03 0 1,316,000 0
MID-AMER APT CMNTYS INC COM 59522J103 61,289 839,000 SH   DFND 01 02 03 0 839,000 0
NATIONAL HEALTH INVS INC COM 63633D104 17,846 285,257 SH   DFND 01 02 03 0 285,257 0
NATIONAL RETAIL PPTYS INC COM 637417106 25,140 676,000 SH   DFND 01 02 03 0 676,000 0
PIEDMONT OFFICE REALTY TR IN COM CL A 720190206 5,384 284,256 SH   DFND 01 02 03 0 284,256 0
POST PPTYS INC COM 737464107 36,593 684,500 SH   DFND 01 02 03 0 684,500 0
PROLOGIS INC COM 74340W103 660,751 16,080,598 SH   DFND 01 02 03 0 16,080,598 0
PUBLIC STORAGE COM 74460D109 699,017 4,079,467 SH   DFND 01 02 03 0 4,079,467 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 13,620 819,500 SH   DFND 01 02 03 0 819,500 0
REALTY INCOME CORP COM 756109104 33,937 764,000 SH   DFND 01 02 03 0 764,000 0
REGENCY CTRS CORP COM 758849103 252,022 4,526,269 SH   DFND 01 02 03 0 4,526,269 0
RETAIL PPTYS AMER INC CL A 76131V202 33,322 2,166,610 SH   DFND 01 02 03 0 2,166,610 0
RLJ LODGING TR COM 74965L101 32,776 1,134,500 SH   DFND 01 02 03 0 1,134,500 0
SABRA HEALTH CARE REIT INC COM 78573L106 40,050 1,395,000 SH   DFND 01 02 03 0 1,395,000 0
SIMON PPTY GROUP INC NEW COM 828806109 1,094,245 6,580,740 SH   DFND 01 02 03 0 6,580,740 0
SL GREEN RLTY CORP COM 78440X101 43,655 399,000 SH   DFND 01 02 03 0 399,000 0
SPIRIT RLTY CAP INC NEW COM 84860W102 50,438 4,440,000 SH   DFND 01 02 03 0 4,440,000 0
STAG INDL INC COM 85254J102 10,495 437,100 SH   DFND 01 02 03 0 437,100 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 19,388 239,896 SH   DFND 01 02 03 0 239,896 0
SUN CMNTYS INC COM 866674104 15,417 309,323 SH   DFND 01 02 03 0 309,323 0
TANGER FACTORY OUTLET CTRS I COM 875465106 201,997 5,776,296 SH   DFND 01 02 03 0 5,776,296 0
TERRENO RLTY CORP COM 88146M101 9,589 496,061 SH   DFND 01 02 03 0 496,061 0
UDR INC COM 902653104 40,025 1,398,000 SH   DFND 01 02 03 0 1,398,000 0
VENTAS INC COM 92276F100 636,729 9,933,363 SH   DFND 01 02 03 0 9,933,363 0
VORNADO RLTY TR SH BEN INT 929042109 722,283 6,767,387 SH   DFND 01 02 03 0 6,767,387 0
W P CAREY INC COM 92936U109 34,480 535,400 SH   DFND 01 02 03 0 535,400 0
WASHINGTON PRIME GROUP INC COM 939647103 61,798 3,297,670 SH   DFND 01 02 03 0 3,297,670 0
WASHINGTON REAL ESTATE INVT SH BEN INT 939653101 20,909 804,797 SH   DFND 01 02 03 0 804,797 0